OneBeacon Insurance Group member, OneBeacon Professional Insurance (OBPI), has launched a broadened lawyers’ professional liability (LPL) coverage so that its protections will now include network security and privacy (NSP) liability. Lawyers can access this new offering in either of two possible ways, which are: 1. As an LPL policy endorsement 2. As its own standalone coverage According to the OBPI senior vice president of the LPL division, Kim Noble, these days, a law firm’s lifeblood is its information systems, and it is vital to protect those systems, as they may…
Read MoreTag: California business insurance
Report shows insurance is an economic player in California
A new report has shown that the property and casualty industry for California insurance is responsible for bringing billions of dollars into the state. The report, which was released by the Insurance Information Institute, showed that in 2008, that sector of the insurance industry brought $34.7 billion into the economy. It also showed that insurers are responsible for approximately 2 percent of the total gross state product for California. In fact, in that state, there are more insurance professionals employed than in any other state in the country. In 2009,…
Read MoreIBHS gives recommendations to protect from Southern California faces wildfires
The Insurance Institute for Business & Home Safety (IBHS) has released a statement reminding property owners in Southern California that the Santa Ana winds are bringing a serious risk of wildfires with them, and that certain precautions should be taken. The National Weather Service has announced that the region could be affected by another significant shove by the winds, which can gust at more than 60 miles per hour. According to an IBHS senior Scientist, Dr. Steve Quarles, “Santa Ana winds are generally warm and dry, creating tinderbox conditions, but…
Read MoreDoctors criticize California worker’s compensation fund contract
Doctors and attorneys for injured employees have targeted the largest workers’ compensation fund carriers in California over a controversial change in the provider contract that has occurred within that state. State Compensation Insurance Fund is a nonprofit organization that provides the last resort worker’s compensation insurance. Its most recent revisions to its new contract for the medical provider network (MPN) has received significant criticism since its implementation. State Fund continues to stand by the alterations that it has made, claiming that patients will find an advantage in the changes, which…
Read MoreCalifornia Insurance Commissioner rejects workers compensation rate hike for the third time
Workers compensation industry recently got shot down for their request of a 28% rate increase – citing higher medical costs and claims frequency on the rise. Steve Poizner, California commissioner, said “NO” for the third consecutive time, stating the industry is not justified due to a lack of legislative procedures ignored. The Workers Compensation Insurance Rating bureau, an industry group, recommends higher rates for insurers due to recent court rulings that grant doctors more room to prescribe expensive treatments for injuries related to the workplace. Governor Arnold Schwarzenegger has been…
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